Weak dollar pumps up price of oil

Tuesday 16 February 2010 12:48 BST

The oil price shot up today as the world's energy bigshots assembled in London for day two of International Petroleum week.

London Brent crude jumped $1.52 a barrel to $74 as the dollar weakened against the euro. Priced in dollars, the oil price is hugely affected by the US currency's moves, but some traders said today's rise reflected optimism about the world economy.